A partnership between Calgary-based CarboMat Inc. and Houston venture studio 8 Clockwise will help commercialize CarboMat’s process of using oilsands wastes to produce sustainable carbon fibres and battery anode materials.

A startup spun out of the University of Calgary in 2022, CarboMat’s technology purifies and transforms low-value bitumen byproducts such as asphaltene from Alberta’s oilsands industry into in-demand materials.

Among its applications: carbon fibres are used to make fabrics, laminates, sheets and energy storage systems; while anodes are critical to manufacturing the batteries used in electric vehicles and energy storage systems.

Compared to incumbent materials, products made by CarboMat’s technology cost 50 to 60 per cent less and the greenhouse gas emissions are shaved by 30 to 40 per cent, CarboMat’s CEO Shabab Saad explained in an interview with Sustainable Biz Canada.

8 Clockwise, a startup incubator and advisory firm founded in 2024, is “always looking for startups that meet its vision” of decarbonizing industries, its CEO, founder and managing partner Vineet Shah said in an interview.

8 Clockwise had been following CarboMat for over a year, he said, drawn to its team that is "resilient and also passionate about the mission they’re on.” After many discussions, “it was really natural for us to onboard them as our first advanced materials startup,” Shah said. CarboMat is the first Canadian startup to be supported by 8 Clockwise.

About CarboMat

CarboMat operates out of a facility in Calgary, where it conducts research and development and maintains prototypes that produce tens of grams of carbon fibres and anode materials per day.

“We do have a robust commercialization roadmap right now for both of our products,” Saad said.

Its carbon fibre portfolio is the most mature. CarboMat expects to begin operating a pilot unit for the carbon fibres in the next three to four months, scaling-up its production to kilograms per day.

The company anticipates it can have a semi-commercial carbon fibre facility operational sometime between Q4 2027 to Q1 2028. Its production capacity is planned to be between 500 and 1,000 tonnes per year, with a full-scale line capable of producing 2,000 tonnes per year.

CarboMat intends to sell the carbon fibres to composite manufacturers or intermediate product developers.

On the anode side, CarboMat’s goal is to produce materials such as synthetic graphite and hard carbon at kilogram-scale per week by Q4 2026.

Once the company has reached that capacity, the plan is to start developing a small commercial facility capable of producing approximately 600 tonnes of anode materials per year. Saad anticipates it will be operational by Q4 2028.

Saad plans to scale up CarboMat’s anode material production to 3,000 to 4,000 tonnes per year, serving customers such as battery cell and electrode manufacturers.

The company is also exploring licensing out its technology, though the business-to-business sales strategy is its priority, Saad said.

A 'resilient,' 'passionate' company

The growth potential of CarboMat is “tremendous,” Shah said, citing market research indicating the carbon fibre and battery anode industries are forecast to surge during the next 10 years.

As part of its partnership, Shah has been appointed chief commercial officer of CarboMat to lead global commercialization, strategic alliances and market execution.

8 Clockwise will prioritize striking licensing partnerships around the world for CarboMat and solidifying its presence in the North American battery manufacturing supply chain.

“Given that how right now the whole battery industry is highly dependent on materials coming from China and increasing geopolitical tensions around the world,” Saad said it is a “crucial time that we start building something domestic.”

Another objective of the partnership is to raise funds for CarboMat. Once the company has achieved more commercial traction in the coming months, Saad anticipates it will raise seed and Series A rounds to fuel growth.

An additional aim is to expand CarboMat’s feedstock materials beyond oilsands wastes to the byproducts from the plastics and steel industries.

Shortly after the CarboMat-8 Clockwise partnership was announced, CarboMat also unveiled another partnership with Toronto-based Hybrid Power Solutions Inc., a designer and manufacturer of portable energy storage products. The two companies plan to jointly develop low-cost, sustainable batteries for integration into Hybrid’s Terra microgrid systems.

Saad said the Hybrid partnership is the tip of the iceberg for CarboMat, which is in the process of negotiating a pipeline of partnerships with potential customers.